NSW property buyers to get greater protection for off-the-plan purchases under proposed laws

NSW property buyers to get greater protection for off-the-plan purchases under proposed laws

NSW property buyers to get greater protection for off-the-plan purchases under proposed laws

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Date: 23 Jun 2018

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Under new laws to be introduced to state parliament later this year, buyers will be given a copy of the proposed plan before contracts are signed, they will be able to cancel a contract or claim compensation if material changes are made and the cooling off period will be extended to 10 business days. Minister for Finance, Services and Property, Victor Dominello, said developers would have to tell the purchaser things when things had changed.
"If there is a material alteration, the purchaser then has remedy," Mr Dominello said.
The Owners Corporation Network supports the reforms, saying right now buyers are not protected. "If someone purchases a million-dollar apartment, they have fewer protections currently than someone who purchases a $10 toaster," executive officer Karen Stiles said.